The Central Bank of Nigeria (CBN) has officially accepted the resignation of Mr. Godwin Emefiele from his position as Governor, leaving many to wonder if he had any choice in the matter. This comes three months after his suspension by President Bola Tinubu, a move that has been met with controversy, amid suspicions of coercion.
Emefiele’s abrupt exit was followed by a grilling from officials of the Department of State Service (DSS), who subsequently brought charges against him in court. In the vacuum left by his suspension, Mr. Folashodun Shonubi, the Deputy Governor (Operations Directorate), was appointed by the Federal Government to oversee the affairs of the apex bank.
The suspension of Emefiele was purportedly linked to an ongoing investigation of his office and planned financial sector reforms. However, on September 15, President Tinubu nominated Olayemi Cardoso as the new CBN Governor, pending Senate confirmation.
“President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate,” announced presidential spokesman Ajuri Ngelale.
In tandem with this, the CBN issued a statement confirming Cardoso’s assumption of office as acting governor. The statement clarified, “Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate.”
Furthermore, the bank revealed that the “Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.”
Cardoso, a former chairman of Citibank Nigeria, brings a wealth of experience to his new role, having served in various leadership capacities across private, public, and not-for-profit organizations for over 30 years. His track record includes governance roles with Nigerian subsidiaries of Texaco and Chevron, as well as chairing the board of EFInA, a financial sector development organization backed by the Bill and Melinda Gates Foundation.
Notably, Cardoso previously held the position of Commissioner for Economic Planning and Budget for Lagos State, where he played a pivotal role in the state’s financial reform process, leading to increased independent tax revenues.
Amidst the controversy surrounding Emefiele’s resignation, questions linger about the circumstances of his departure and his ongoing detention by the DSS, in spite of a court order for his release. The situation appears to be a high-stakes confrontation, with Emefiele seemingly caught in the crosshairs. As Nigeria welcomes its new CBN governor, the nation watches with bated breath, hoping for stability in its financial landscape, and fearing the possibility of economic turmoil.
